2.50% Reward Checking Account at a Georgia Bank - Rate Guaranteed to 5/30/09 (Cornerstone)

Update 7/26/09: The bank has discontinued the reward checking features of the Classic Checking Account. It's now a tiered-rate checking account without debit card requirements.

Update 1/19/09: The top yield has fallen to 2.50% APY. Refer to the bottom of the post for the rate history.

Cornerstone Bank is offering a reward checking account that pays 2.50% APY for balances up to $50,000 (1.50% for above) if any one of the following requirements are met each month:

• one direct deposit
• ACH auto debit
• 3 debit card purchases

If these requirements are not met, the rate falls to 0.75% APY for balances under $20,000. The minimum initial deposit is $1,000.

The bank no longer lists this account on its website. I contacted the bank on 6/01/09, and I was told that the above rates were correct. I was also told that these rate are guaranteed through 8/31/09.

Based on past reports, this bank requires new customers to come into the branch to open accounts. Branches are located in Atlanta and Sandy Springs, Georgia. The bank has been FDIC insured since 2001 (FDIC Certificate # 35027).

Other High Yield Reward Checking Accounts

To find reward checking accounts in other areas of the nation (many with higher yields) or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
01/09/09: 2.50% APY up to $50K, 1.50% APY for above. Rate guaranteed through 5/30/09.
12/31/08: 3.00% APY up to $50K, 1.75% APY for above. Rate guaranteed through 3/31/09.
05/30/08: 3.50% APY up to $50K, 2.25% APY for above. Rate had been guaranteed through 12/31/08.

Edit 02/10/09: Updated requirements. Only one out of the above 3 is required.

Tags: Georgia, Cornerstone Bank (OK), checking account